ORLANDO, FL (June 10, 2016) — The Bethel Inn, a single site resort was affected last year by the new and strict guidelines placed on banks of consumer financing. The resort had a financing agreement with its longtime local banking relationship; however last October the bank decided to exit timeshare financing due to the new governmental guidelines and its additional requirements. Fortunately, The Bethel Inn was introduced to Vacation Club Loans, a consumer finance company specializing in timeshare loans.
After a simple due diligence and site inspection, Vacation Club Loans was able to extend financing options to The Bethel Inn’s buyers under a loan structure of a 20% down payment and terms of up to five years. All loans are secured by a mortgage and then assigned to Vacation Club Loans under a fully funded, low discount, program that increases the cash flow for more sales and marketing operations. Defaulted loans are replaced immediately just like other bank or in-house portfolio requirements.
Debbie Ely, RRP and president of Vacation Club Loans, states “Quality resorts and well-run Home Owners Associations like The Bethel Inn are the very reason we entered into this marketplace. Although most of our business is driven by resales, we are here to help the industry as a whole. By providing cash to frontline buyers, we know this helps make the smaller vacation ownership properties stronger. Strong properties bring years of memorable vacations to happy timeshare owners, and that’s what it’s all about.”
The Bethel Inn, a RCI affiliated resort, located in Bethel, Maine has quaint New-England style cottages totaling 25 timeshare units. Without ties to any of the larger brands, this new financing relationship truly helps its 2016 outlook. Since there are no minimum loan amounts and no annual volume of sales required, the resort is now enjoying fully funded front-line sales. With summer and golf season coming, closing volumes are expected to increase.
About Vacation Club Loans
Vacation Club Loans is a consumer finance company that provides personal loans to those who wish to purchase a vacation club product. Its easy loan approval process, low interest rates, and flexible payment plans have made Vacation Club Loans a pioneer lender in timeshare resales and for smaller resorts doing active sales.
For further information, please see www.vacationclubloans.com
PRESS RELEASE SOURCE: Vacation Club Loans